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Uptrend Remains Intact

  • RES 4: 1.2690 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2515/2546 High Apr 26 / High Apr 14 and the bull trigger
  • PRICE: 1.2475 @ 05:52 BST Apr 27
  • SUP 1: 1.2353/45 Low Apr 17 / 10
  • SUP 2: 1.2298 50-day EMA
  • SUP 3: 1.2191 Low Mar 24
  • SUP 4: 1.2161 Low Mar 20

The primary trend direction in GBPUSD remains up and sights are on 1.2546, the Apr 14 high and bull trigger. Clearance of this level would resume the uptrend for 1.2599, the Jun 7 2022 high. Moving average studies are in a bull mode position, highlighting an uptrend. Support to watch is at the 20-day EMA, at 1.2405. The average has been pierced, a clear break is required to suggest scope for a deeper correction towards 1.2291, the 50-day EMA.

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